Ambitious entrepreneurs will have the desire to achieve financial success by operating a business. However, the process of accomplishing this lofty objective is not a simple one. There are so many dynamics that need to be in place before running a business can lead to lasting wealth.
Statistics show that there is a high failure rate for new enterprises, and those that make it past the five-year mark may still find it difficult to attain and maintain profitability. Entrepreneurs have to be skilled in certain technical and theoretical disciplines in order to properly manage their businesses.
One of the critical skills that are often ignored or under-appreciated by many business persons is the ability to carry out fundamental accounting tasks. Some entrepreneurs believe that once they are experts in their fields of endeavour or they are good at doing sales, their businesses will flourish. Continue reading Business Owners, Watch Your Cash Flow!